Global New Energy To Boom On U.S. Climate Bill

Get ready for a global clean energy surge, thanks to the US Inflation Reduction Act; The US inflation bill's $369bn for clean energy is the largest investment in climate ever. The massive investment should unlock action in other countries, but the US must lean into the green elements of the bill. Brian O’Callaghan, 31 August 2022 (Energy Monitor)

“…[The US climate bill’s $369bn for clean energy, may be] the largest national climate investment in history anywhere…[It is likely to] impact the energy transition in other countries in real, tangible ways…The $128bn investment in clean electricity tax incentives is 13% the size of the entire global renewable energy market…[I]nvestments in clean energy, transport and other sectors leads to new clean innovations and cost improvements for all, directly benefitting and speeding up the energy transition globally…[This] is of particular importance for emerging technologies such as green hydrogen and green steel to become economically competitive…

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…For a global problem like climate change, nations shape their own actions on the actions of each other…US actions are particularly influential…The global workforce does not have the green skill sets to meet the needs of a clean energy transition that would limit warming to 1.5 or 2°C…[But] the world could learn from and be inspired by US green skills development…Green investments have so much additional value in part because they tend to support new industries with high indirect and induced benefits across sectors…

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…The major climate investment will boost US credibility on the world stage, providing a strong new opening from which to share lessons learned and encourage partner nations, especially advanced economies, to accelerate their own climate-friendly policies..[On emissions reduction investments, the] US is far behind on delivering its fair share…[but] if developing nations approach the same emissions footprint per capita as developed nations, all hopes for a tenable climate future would be quickly dismissed…US global action on climate should also look out for vulnerable communities abroad…” click here for more

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